Physician Wealth Advisors Inc. Buys New Position in The Progressive Co. (NYSE:PGR)

Physician Wealth Advisors Inc. purchased a new position in The Progressive Co. (NYSE:PGR) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 342 shares of the insurance provider’s stock, valued at approximately $82,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Webster Bank N. A. purchased a new position in Progressive during the fourth quarter valued at $26,000. Hager Investment Management Services LLC purchased a new position in shares of Progressive during the 4th quarter valued at about $28,000. Atlantic Edge Private Wealth Management LLC grew its stake in shares of Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 41 shares during the period. Valley National Advisers Inc. increased its holdings in Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 120 shares in the last quarter. Finally, Atala Financial Inc bought a new stake in Progressive during the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. BMO Capital Markets dropped their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. HSBC downgraded shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price for the company. in a report on Tuesday, December 10th. Barclays boosted their price objective on Progressive from $264.00 to $285.00 and gave the company an “equal weight” rating in a research report on Thursday, March 13th. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Finally, UBS Group boosted their price target on Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a report on Friday, March 14th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and an average target price of $281.06.

Insider Transactions at Progressive

In other Progressive news, Director Devin C. Johnson sold 400 shares of the firm’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $275.04, for a total value of $110,016.00. Following the completion of the sale, the director now owns 8,370 shares of the company’s stock, valued at $2,302,084.80. This trade represents a 4.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the transaction, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,255 shares of company stock worth $14,490,871. 0.34% of the stock is currently owned by insiders.

Progressive Trading Up 1.6 %

PGR opened at $279.13 on Monday. The stock has a 50-day moving average of $265.32 and a 200 day moving average of $255.91. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 12 month low of $201.34 and a 12 month high of $292.99. The firm has a market cap of $163.64 billion, a P/E ratio of 19.38, a P/E/G ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, research analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. The ex-dividend date is Thursday, April 3rd. Progressive’s dividend payout ratio is currently 2.78%.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.